However, managing director Tim Elliott has predicted that there will also be opportunities for merchants.

This will include fast stock and delivery turnaround, and as there are fewer printers in the market, there will be opportunity to grow business and make money, he said.

He added: "I believe that the most under-recognised aspect in the market is service, not price."

Elliott also reiterated that he believed credit insurance should be banned, and said it is "the root cause of so many evils in our trade".

Elliott said that mills would have to continue to tackle over-supply by closure, either forced or voluntary short-term shutdowns.